penaabel6202
11.11.2019 •
Business
Problem 9-4a accounts receivable transactions and bad debts adjustments lo c1, p2, p3liang company began operations on january 1, 2016. during its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. these transactions are summarized as follows.2016a. sold $1,353,200 of merchandise (that had cost $981,700) on credit, terms n/30.b. wrote off $20,600 of uncollectible accounts receivable.c. received $667,000 cash in payment of accounts receivable.d. in adjusting the accounts on december 31, the company estimated that 1.00% of accounts receivable will be uncollectible.2017e. sold $1,522,600 of merchandise (that had cost $1,253,000) on credit, terms n/30.f. wrote off $34,300 of uncollectible accounts receivable.g. received $1,256,900 cash in payment of accounts receivable.h. in adjusting the accounts on december 31, the company estimated that 1.00% of accounts receivable will be uncollectible. required: prepare journal entries to record liang’s 2016 and 2017 summarized transactions and its year-end adjustments to record bad debts expense. (the company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) (round your intermediate calculations to the nearest dollar amount.)
Solved
Show answers
More tips
- C Computers and Internet How to Learn to Type Fast?...
- F Food and Cooking Delight for Gourmets: How to Prepare Liver Pate...
- S Style and Beauty How to braid friendship bracelets?...
- H Health and Medicine Mercury Thermometer Danger: What to do when a thermometer breaks?...
- F Food and Cooking Which Calamari Salad is the Most Delicious?...
- S Society and Politics 10 Tips for Boosting Your Self-Esteem...
- F Food and Cooking The Most Delicious and Simple Fish in Batter Recipe...
- H Health and Medicine What is Autism? Understanding the Basics of This Neurodevelopmental Disorder...
- P Philosophy How to Develop Extrasensory Abilities?...
- S Style and Beauty Don t Sacrifice Your Brows: How to Properly Pluck Stubborn Hairs...
Answers on questions: Business
- E English . Read the following passage, then choose the correct answer ENTRIES IN MY DIARYOnce upon a time, there was a good king and his queen. They (1)………… no children for many...
- M Mathematics Cole had 3/4 of an hour of free time before dinner he spent 2/3 of that time playing the guitar how long did he play the guitar...
- P Physics Which of the following questions could best be answered by the work of christian doppler? a. how are mirrors used inside a camera? b. how quickly are stars in the milky...
- M Mathematics Please help I need answer ASAP...
Ответ: